Petroflow Energy Ltd. Announces August 2008 Operations Update and Marks Major Production Rate Milestone
Petroflow is pleased to announce, that on September 3, 2008, for the first time in the Company’s history, daily production exceeded 3,000 BOEs per day of production at 3,070 BOEs (18,420 mcfe) per day. “This is a tremendous milestone for our Company. Starting at zero in June 2005, we have grown our production to over 3,000 BOEs per day almost entirely through the drill bit,” stated Petroflow’s COO, Sandy Andrew.
Petroflow is also providing an update regarding August 2008 operational results including the current status of Oklahoma drilling activities.
During the month of August 2008 our exit rate was 2,917 BOEs (17,502 mcfe). We averaged approximately 2,790 BOEs (16,738 mcfe) per day of production during August of which approximately 18% was oil and 82% natural gas and associated liquids. Our average daily production, net to our working interest, increased by 6% over July 2008.
Oklahoma Drilling Activity
During July 2008, we commenced drilling activities on our first new project area in Oklahoma outside of the original seven county Farmout area in which we had previously concentrated our efforts. We completed an initial saltwater disposal well on August 4, 2008 and immediately commenced drilling our first production well. “This expansion of our activities marks a new highlight for Petroflow Energy,” stated Company CEO, John Melton. “This well is the first of several wells we intend to drill in this area, and we expect this opportunity will increase our rate of growth well beyond the original Farmout limits.”
To date we continue to enjoy a 100% success rate in our Oklahoma drilling activity. Our average daily production net to our working interest in the field increased 7% over July 2008.
The Texas and Alberta properties continue to produce at a steady rate and provide a consistent cash flow for operations.